year each.

a

tronage of appointing thirty-two officers, so often renewed by the government and some with 3001. and many with 6001. a the Bank, it was natural to suppose, that

no doubt or uncertainty would prevail in Sir H. Parnell agreed in the propriety any quarter, as to the probability of cash of the proposed suspension, not so much payments being actually resumed when for the reasons stated by the right hon. that period should arrive. Very considermover, as from other considerations ; able doubt did nevertheless exist in the but he hoped that another and more efi public mind upon this subject, and more cient measure would be brought forward especially among that class of society by some one connected with the govern- which was frequently described as the moment; for if it came from any other quar- nied interest." It was desirable that this ter, its success would be problematical. uncertainty should not continue one moHe trusted that such a measure would be ment after his majesty's ministers had it speedily proposed, for if delayed until a in their power to remove it. No honourlate period of the session, he foresaw that able member, who had a practical knowa it would fail. As to the difficulty of pro- ledge of what was now daily passing in the viding competent surveyors, he believed city, could be ignorant of the very large that several could be easily found in this transactions and speculations of a gamcountry. This he was led to conclude bling nature that were entered into, and from the fact, that the surveyor who su- depended upon the result of this continperintended the operative part of the great gency. It was obvious that, in such a road to Holyhead, had for two years only course of adventure, those who had the 1501. a year. Surely, then, this person, means of making themselves acquainted and many such could be found in Eng- with the real intentions of his majesty's land, would not be unwilling to go to Ire- ministers, must possess a material advanland upon salaries of from 3 to 6001. a tage over those who were not in the seyear. But the Grand Jury system in Ire- cret. For these different reasons, he land was notoriously so productive of cor- hoped he should not be considered as ruption, fraud, and perjury, that the le making an extraordinary request on begislature could not, without a gross deser- half of the public, when he desired to tion of duty, allow such a system to go know whether any event had occurred, on. Under this system, no less than half or was expected to occur, which, in its a million was annually levied in Ireland ; consequences, would prevent the résumpand the error of parliament heretofore had tion of cash payments on the 5th of July been, that it thought too much of those next. There was another question, upon who imposed the tax, and too little of which he was likewise desirous that some those who paid it. This system was, in information should be afforded, as it fact, the perpetual cause of discontent in equally related to the subject of the conIreland, for it led to the greatest exaction nexion between the government and the and injustice, especially towards the pea- Bank. The public at present stood in the santry, and therefore he trusted the ses. situation of debtor to the Bank for two sion would not close without some effec- loans, in his opinion improperly so called, tual measure to rescue Ireland from such but for two loans, one of 3,000,0001, ada grievous calamity.

vanced without interest, the other of Leave was given to bring in the bill. 6,000,0001. at an interest of 4 per cent,

and which would soon become payable. BANK Restriction.] Mr. Grenfell Until these loans should be repaid, the rose for the purpose of obtaining some in- Bank had secured to themselves the unformation from the chancellor of the ex- disturbed possession of a balance upon the chequer with regard to one or two very public money deposited in their hands, important questions, intimately connected which, for the last twelve years, had with the financial and commercial interests never fallen short, upon an average, of of the country. They were questions upon 11,000,0001., or two millions more than which distinct information ought to be the sum which they claimed to be due to given without delay. He alluded, in the them from the public. He was convinced first place, to the resumption of cash pay- that it would be highly advantageous to ments on the part of the Bank of Eng. the public interests that the government land, which, as at present fixed by law, of the country shouid be unfettered by would take place on the 5th of July next. these obligations; and what he wished on After the promises and the declarations, this occasion to inquire was, whether any (VOL. XXXVII.)

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arrangement was in progress, or had been continuance of the restriction. What imconcluded, either for discharging the pression, he would ask, was such a declaloans in question, or placing them on a ration calculated to produce? It tended, better footing; and if any, what arrange- in his view, rather to encourage than to ment?

remove doubt. But the truth was, as it The Chancellor of the Exchequer ex appeared to him, that there were some pressed his wish to give a distinct answer persons in this country very much disto the important question which the hon. posed to continue the restriction, if they gentleman had thought proper to put ; could find any excuse for it; and as such namely, whether it was the intention of excuse did not offer itself at home, they his majesty's ministers to propose any looked abroad for it. The right hon. farther continuance of the restriction upon gentleman had said something about focash payments by the Bank. He was reign financial measures; but he had af. enabled to say, that the Bank had made forded no clue by which any one could ample preparation for resuming its pay- come to a definite conclusion as to his ments in cash at the time fixed by par- purpose. It would perhaps have been liament, and that he knew of nothing in better if the right hon. gentleman had the internal state of the country, or in its declined to give any answer, than to have political relations with foreign powers, offered one so unsatisfactory and indefiwhich would render it expedient to con- nite. For according to the right hon. tinue the restriction ; but that there was gentleman, so far as he was intelligible, reason to believe that pecuniary arrange the object alluded to by his hon. friend, ments of foreign powers were going on, depended upon the measures of foreign of such a nature and extent, as might powers. So, in order to decide upon the probably make it necessary for parliament question, whether the Bank was likely to to continue the restriction, so long as the resume its cash payments in July, or wheimmediate effects of those arrangements ther the restriction was to continue, we were in operation. In order to guard | must look to the foreign mails! thus the against any misunderstanding, the right wind, or a change in the moon, might hon. gentleman repeated this statement, serve to throw the country into a state of and then proceeded to the other points doubt upon this important question. The referred to. A's to the loan of six mil. right hon. gentleman was, it appeared, dions from the Bank, at 4 per cent inte- about to make some propositions for payrest, he should, ere long, have to submit | ing off the six millions due to the Bank; a proposition to the House for the pay, but he declined to suggest, and professed ment of that debt ; but with respect to even an unwillingness to think of, any arthe three millions without interest, which, rangement for discharging the loan of for obvious reasons, was rather to be re. three millions, because, truly, its non-pay. garded as a gift than as a loan, he rather ment afforded an accommodation to the thought that neither the House nor the public. But this, he must say, was rather hon. gentleman himself, would be recon- a singular reason for declining to pay a

ciled to any proposition for depriving the debt. Those loans, however, were of public of such an important accommoda- minor importance compared to the great tion.

and vital question, whether or not the Mr. Tierney observed, that the right Bank would resume its payments in cash hon. gentleman had said, that the Bank on the 5th of July? The riglıt bon genwas prepared, or in a condition to resume tleman had not intimated wlien any fothe payment of its notes in cash, which reign financial measures were likely to was rather surprising, as the issue of those urge a proposition for continuing the renotes had been materially enlarged, in- striction act, but of course such a propostead of being diminished, for some time sition must be brought forward before back. Yet the Bank, according to the July. He remembered when any expresright hon. gentleman, was not only pre- sion of the slightest doubt as to the repared to resume its cash payments, but sumption of cash payments by the Bank there was nothing in the internal situation / upon the expiration of the present act, or foreign relations of the country to pre- was strongly deprecated on the other side vent that resumption. There was, how- of the House. When he last session ever, something about loans to foreign expressed such doubt, he had been powers, which might, it scemed, urge his twitted with the assertion, “ is not the majesty's ministers to propose a farther Bank already paying its notes in cash?"

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What sort of payments were then made that that son would have filled the situahe need not describe. They certainly tion of ambassador to a foreign court did not encourage any calculation upon at the time that the duties of his office the capacity or disposition of the Bank to clerk of parliament required his return to the old system of paying its presence in that House. It was his innotes in cash. But when was thai system tention to propose the abolition of the to return? Upon this important question practice of granting places in reverthe House and the country were still in sion, and that the abolition should be the dark; and the fact was that the right extended not only to grants from the hon. gentleman holding the office of chan- crown, but to those made by the judges, cellor of the exchequer, had not himself and indeed to grants in reversion of every any one distinct idea upon the subject. description connected with the public ser

vice or the institutions of the country. In

the mean time, he moved an address to II OUSE OF LORDS.

the Prince Regent, praying that he would Monday, February 2.

order an account to be laid before the CLERK OF THE PARLIAMENT-OF- House of all grants in reversion of offices Fices in Reversion.] Earl Grosvenor held immediately from the crown, and rose to inquire, whether any thing had also all grants in reversion of other public been done in consequence of what passed offices. on the first day of the session, on the The Earl of Liverpool objected to the subject of the appointment, by reversion, general nature of the motion. If the to the office of clerk of the parliament. noble earl confined it to those offices held It was his intention to move for an ac- under the Crown, he should be ready to count of all offices held by grants in re- agree to it. version.

The Lord Chancellor thought the noble The Earlof Liverpool said, that the com- earl might divide his motion, if he conmittee to which the patent granting the tinued of opinion that he ought to call for reversion was to be referred, would have information as to both species of offices. several objects submitted to its considera- For his own part, he had on a former oction, the investigation of which might occasion stated his sentiments to the House cupy some time.

It was, however, his on this question, and he still continued of intention, in the course of the session, to the same opinion as to the utility of the propose, relative to the office of clerk of offices referred to in the latter part of the the parliament, some legislative measure motion. which would operate prospectively. To The Earl of Lauderdale could not see fulfil this intention, a bill would be neces- any necessity for his noble friend pressing sary, which he should introduce.

his motion in its present shape, nor could The Earl of Lauderdale said, that as the he understand the motive of the noble earl object his noble friend had in view was to opposite in rejecting it, as the information render the office of clerk of the parlia- asked for was in fact already before the ment, an efficient office, the motion had House. At all events, he thought it bis approbation.

would not be necessary for his noble Earl Grosvenor wished an inquiry to be friend to adhere to his large motion, and instituted into the nature of all offices therefore he recommended him to digranted in reversion, and would be glad vide it. to obtain an official account of their The Lord Chancellor said, he should be salaries and duties. He did not know very well pleased to see a statement of how far the noble lord meant his mea- all grants in reversion laid before their sure should extend, but he apprehended lordships, and probably should himself he did not intend to go the length of abo- shape a motion calculated to attain that lishing the office of clerk of parliament. object. His opinion with regard to offices Nothing more strikingly showed the im- granted by the judges, as he had already propriety of granting offices in reversion intimated remained, unaltered. Many ofthan what had occurred with respect to fices formerly bestowed by the chancellor the one at present under consideration. were now in the gift of the Crown; but He was persuaded that the gentleman who with regard to the judges in the other courts, lately held the office of clerk of parlia- the power of giving those offices was nement would never have asked the rever- cessary, as a part of their emoluments sion for his son, could he have foreseen arose from those gifts. Were it not for

this, the incomes of the judges would be of bank notes in circulation in the years totally inadequate to the laborious and 1815, 16, and 17; the average amount, important duties they had to perform. the highest and lowest amount in each

Earl Grosvenor said, that all that had year, distinguishing the notes of difoccurred since the subject was last uis- ferent sums, the rates of exchange, the cussed had only tended to fortify him in number of licenses granted for the issue of his opinion, that nothing could be more notes, &c.; all of which were ordered. injurious to the interests of the public Lord King said, he felt himself called than granting offices in reversion. In saya upon to advert to the subject of the Bank, ing this, he by no means meant to suggest, in consequence of having heard, with the that he thought the learned lord, or any greatest regret, from official authority in of the judges, were overpaid for their ser- another place, that doubts existed wheiher vices. What he objected to was not the payments in cash could be resumed at the amount of their emoluments, but the mode bank at the period pointed out for that in which they were obtained. With re- purpose. The reason assigned for this gard to the motion, he was willing to apprehended delay was so extraordinary divide it, and to press, for the present, in itself, and so unintelligible to the only the first part relative to grants from country, it being impossible to conceive the Crown.

how in reality the negotiation of foreign The motion thus altered was agreed to. loans could tend to prevent the resump

tion of cash payments by the bank of PAPERS ON THE STATE OF THE England, that it could only be considered Country.] Lord Sidmouth said, he had as the ostensible reason, and not the real now, in compliance with the commands of one. He could not but consider this the Prince Regent, to lay before their postponement as a measure the most delordships, certain papers relative to the trimental to the interests of the country: state of the country. It was his intention Without a metallic currency there could to have moved that those papers should be no certainty, no stability in any conbe referred to a secret committee; but he tracts or dealings, and speculation was was induced to postpone the execution of let loose upon the country in all its most that intention, as two noble lords (the injurious forms. What would be said if marquis ot Lansdowne and lord Holland) the minister of France were to tell the who wished to be present, were prevented legislative body of that country that the from attending by a melancholy occur- bank of France could not pay in cash, rence (the death of the earl of Upper Oso because there was a loan negotiating sory.) He understood, however, that one there for England or any other country? of those noble lords might be expected Would not such an assertion be laughed to at

nd to-morrow. He would, therefore, at as a mere sabterfuge? and was it to on that day move for the appointment of be expected that such an assertion here a committee.

would not be considered in precisely a similar light? If, indeed, the negotiating

of loans here for foreign countries was to HOUSE OF LORDS,

be a cause of preventing the bank of Eng. Tuesday, February 3.

land from paying in cash, then he could BANK RESTRICTION.] The Earl of conceive no time in which that return to Lauderdale said, he would trouble their | a healthy circulation could take place. lordships with some motions connected This was most alarming to the country, with a question of the greatest moment. nor could he conceive any line of conduct The time was fast approaching when the more calculated to produce the most sesubject of the resumption of cash-payrious injury. Were they to understand, ments by the Bank must come before their that the government was unable to pay lordships. He trusted that parliament its debts to the bank, and that thus the would not consent to continue the restric- latter were unable to pay in specie? He tion without a full inquiry into the cir- deprecated such a system as the most imcumstances of the case, which alone could politic that conld possibly be acted upon, enable them to come to a right decision convinced, as he was, that there could be on the whole of this question, upon which no security whatever but in the return to more than upon any other the welfare of the sound and healthy circulation of a methe country depended. He cor.cluded by tallic currency. moving for accounts of the weekly amount The Earl of Liverpool said, that he should not enter into any discussion of their issues of paper, they could not afford the topics on which the noble lord had such extensive accommodation to the gotouched. They were, it was true, ques- vernment as they are at present enabled tions which had given rise to much differ- to do in the taking of exchequer bills. ence of opinion in that House and else- The Earl of Lauderdale said, he should where, and he was also aware, that there consider himself wanting in duty, were he still existed great difference of sentiment to allow what had fallen from the noble as to the policy of the financial measures secretary of state to pass unnoticed. The pursued in the course of the last war. noble secretary had stated, that the parti. He was not, however, called upon to cular period for the resumption of cash. vindicate that policy at present. With payments was a question of expediency, regard to the particular measure to which which required great consideration. Now, the noble lord's inquiry was directed, he only two years ago, the noble secretary had uniformly held, and still did hold, had treated with great derision all those that it was the interest of this country who ventured to doubt that the Bank and of the bank that cash-payments would pay in cash within two years from should be resumed as speedily as pos. that time. For his part, he had never sible. In stating that he always felt the expected that the Bank would pay in cash force of this principle, he must also at the period promised, nor could such remark that he was equally convinced an expectation be entertained by any one that the particular moment when the who fairly considered the nature of the bank ought to resume the regular course connexion between the Bank and the goof payment was a consideration of the vernment. The noble secretary had degreatest delicacy and importance. What clared, that notwithstanding the intended ever might have been stated during the delay, there was nothing in the situation war as to the resumption of cash-payments of the country to prevent the restriction on the return of peace, still the question act from being allowed to expire, and as to the precise period for the adoption that the Bank was perfectly prepared to of that measure was always understood to pay its notes in cash at the time fixed by be left to the decision of parliament, on a the act of parliament. He knew not on full consideration of the circumstances what information the noble earl had foundwhich might exist at the time. Having ed his opinion as to this ability of the said thus much he should only add, that Bank. He derived it, perhaps; from some he had ground for believing, and indeed of the directors, but there might be difknowing that the bank had made every ferent opinions among them. But though necessary preparation for answering the the Bank had made ample preparation, demands which might arise by the expira- the noble secretary hinted, that still there tion of the restriction bill, and he saw might be something in the relations suhnothing in the domestic situation of the sisting among foreign powers, which ought country, or in our foreign relations, that to retard the resumption of cash-pay. was calculated to produce any undue delay ments; but what that something was, he in the resumption of cash-payments. It had not chosen to explain. From what he was possible, however, that there might be had said, however, this much appearedcircumstances in existing pecuniary ar. that this most important of all measures rangements of foreign powers which would to the welfare and prosperity of the counrender it adviseable for parliament to con- try, no longer depended upon the decisider whether the act ought not to remain sion of the British parliament on what in force, as long those circumstances, might be done by the government of which were not likely to recur again, con France, or of any other foreign country. tinued to operate. If any supposition was The noble lord stated, such a circumentertained of the delay being occasioned stance was not likely to recur; but what by financial transactions between the go- security could be found for this assurance? vernment and the bank, he could assure Could the noble lord pledge himself that their lordships it was perfectly ground the governments of Russia or Prussia less.

might not choose to negotiate a loan, as Lord King said, that he did not impute soon as the effect of the one now making the continuance of the restriction to any for France might cease to operate ? improper understanding between the go. Would not a loan for any of these powers vernment and the Bank. He merely be as good a reason for postponing the meant, that if the Bank were limited in day of paying in cash, as that now nego